If you’re interested in the business of people, then CreditUnions.com is all for you this week. Through case studies, best practices, and time-honed tips, we’re exploring staffing strategies, leadership development, and succession planning.
In our weekly Q&A, Melita Garrett Abbey, board member at BMI Federal Credit Union, talks about the credit union’s associate board member position — which gives newcomers the opportunity to learn about credit union operations and board responsibilities before becoming a full-fledged board member — and its emeritus board member position — which allows experienced board members to stay involved and pass on important knowledge.
In a profile featuring Connex Credit Union, learn about how the institution cuts through the financial noise to reach Gen Y members. Through its VP of Unbanking internship, the Connecticut-based credit union taps the talent and perspective of a desirable market while offering valuable real-world work experience to college students.
If you’re looking for best practices on how to develop your in-house talent, then check out our profile of FORUM Credit Union. The Midwest institution has a history of looking to its internal talent pool for the kinds of employee who are on the fast track to leadership. Six years ago, it even created a development program to better train its future leaders.
Sometimes it makes more sense to hire from within. Sometimes it’s best to bring in talent from outside the institution. Baltimore-based MECU has done both. When MECU looked for a CEO 17 years ago, it found its ideal candidate in banker Bert Hash. Now, when Hash retires in June, he’s leaving the credit union in the hands of the institution’s longest tenured employee. His successor, Gary Martin, is a senior vice president and the institution’s chief lending office; he’s also been with MECU for more than 42 years. Credit unions consider many factors when deciding which positions to promote from within and which ones to seek an outside hire; here, three credit union leaders offer their perspectives on how they determine which strategy is best.